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Value of Canadian building permits down 14 percent in December

Tuesday, 06 February 2024 23:17:53 (GMT+3)   |   San Diego
       

According to Statistics Canada, the total value of building permits in Canada decreased 14.0 percent from November to $9.2 billion in December, the lowest monthly level since October 2020. Declines were recorded in both the residential and non-residential sectors.

The total value of residential permits fell 17.9 percent to $5.7 billion in December, driven by a significant decline in multi-unit construction intentions (-31.1 percent; -$1.3 billion), the largest monthly drop in the series.

The decline in value of multi-unit permits in Ontario (-45.2 percent; -$816.8 million) greatly contributed to the overall monthly decrease in the residential sector in December.

Meanwhile, construction intentions in single-family dwellings edged up 0.8 percent to $2.9 billion in December. The gain in Alberta (+15.3 percent; +$84.4 million) more than offset declines in seven provinces as construction intentions for Albertan single-family dwellings recorded a fifth consecutive monthly increase and the largest monthly value since January 2014.

The total value of non-residential sector permits decreased 7.0 percent to $3.6 billion in December. The institutional decline in Quebec (-55.8 percent; -$313.9 million) more than offset total gains in the commercial (+4.1 percent; +$69.1 million) and industrial (+4.7 percent; +$39.3 million) components across Canada. Quebec's large monthly decline is attributed to the absence of new major institutional permits issued in December, after two projects estimated at over $150 million each were issued in November.


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